Since 2014 under PM Modi, it has become a fashion and accepted norm in India that if you are a criminal and you belong to RSS family of organizations; you can hide behind “Fake Nationalism” or behind a false cry of “Hinduism is in Eminent Danger”. Under this magic formula, your every crime will go away and you can become a Central or State Minister or Chief Minister or member of legislative bodies in the center or state, or a State Governor. If you do not belong to RSS family of organizations and you are a rapist, murderer, bomb maker , terrorist, money launderer, drug dealer, mine mafia, arms dealer etc. by joining any of the RSS family of organizations; you can become sin aka crime free and now you are called Sanskari aka person of Good Character!
Disgustingly Adani Group founded by Gautam Adani, it’s CFO Jugeshinder Singh has gone one step ahead of the above time tested Magic Formula used by criminals supported by RSS family of organizations; has found a new way to cover his Boss Gautam Adani’s crimes. He has draped his boss, his family members and Adani Group’s crimes behind the National Flag of India. No one from RSS family of organizations and their Godi Media has raised any objections or has said a word that it is an insult to every Indian, Indian National Flag and Mother India. Can the PM Modi’s Government or RSS family of organization’s top officials explain if the Indian National Flag is Adani Group’s Corporate Logo?
This happened when Gautam Adani aka Adani Group though its CFO Jugeshinder Singh in a video for Media, defended himself against the accusations — leveled by US-based short sellers Hindenburg Research — that it had “engaged in a brazen stock price manipulation, stock parking, accounting fraud, round tripping of cash, Import-Export scams, money laundering through 38 offshore shell companies etc. over the course of decades,” the choice of décor was more persuasive than the denial of frauds.
CFO Singh stood in front of a giant Indian flag that made him look more like a very high level government official than an embattled company executive. His message was clear: If you are a “foreign entity” coming after Gautam Adani or Adani Group, you’re coming after India.
CFO Singh while defending Gautam Adani aka Adani Group also said, “It does not surprise me. In Jallianwala Bagh, only one Englishman gave an order, Indians fired on other Indians. So am I surprised by the behavior of some fellow Indians? No.”
Shamelessly CFO Singh has equated frauds committed by Gautam Adani aka Adani Group exposed by Hindenburg Research with the martyrs fighting for Indian independence from the British. At the same time, he is giving an open warning to every Indian if they believe in Hindenburg Research report and question Gautam Adani or Adani Group, they will be called traitors aka anti-Nationals.
Then on Jan 29th, 2023 Adani group in its 413-page written rebuttal, denounced Hindenburg’s report as “baseless” and “malicious,” and accused the firm of having an “ulterior motive” for publishing the “missive.” “This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors.”
It said Hindenburg’s actions represent a “calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”
Same day on Jan 29, 2023, Hindenburg Research replied, “Fraud cannot be obfuscated by Nationalism or a bloated response that ignores every key allegation we raised.
Adani has stoked a nationalist narrative, claiming pour report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.
We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.
We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world.
In terms of substance, Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report.
The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
Within one week of the Hindenburg Research report, Adani Group companies have lost $108 Billion in Market Cap, one of the biggest wipeouts in India’s history. Gautam Adani himself lost $48 Billion in personal wealth and now ranks 16TH in the Index of World’s Richest from 3rd rank on Jan. 23, 2023. On Feb. 1, 2023 Credit Suisse stopped accepting Bonds of Adani Group collateral for margin loans to private banking clients. Citigroup Inc’s (C.N) wealth arm also stopped accepting securities of Gautam Adani’s group of firms as collateral for margin loans.
Adani Enterprises Ltd (AEL) late on Feb. 2, 2023 decided to withdraw its Rs 20,000 crore ($2.5 Billion) follow-on public offering (FPO), India’s biggest such issue after claiming over subscription on Feb. 1, 2023 and announced that investors money will be returned. Sajjan Jindal and Sunil Mittal subscribed the Adani FPO in a last-minute push from their personal funds and do not involve listed businesses that they head like JSW Steel Ltd. and Bharti Airtel Ltd. FPO offering price band was Rs 3,112-3,276 per share while it was trading below Rs 3,000.00 in the market. The closing price of Gautam Adani’s Flagship company closed at Rs 1,565.25 at BSE on Feb. 2, 2023 that is 52 weeks low from its high of Rs 4,190.00
The decision to withdraw the FPO issue came right after Forbes flash news that “there’s evidence of wrongdoing that the Adani Group likely bought into its own $2.5 Billion Share sale. It must be noted that despite the FPO being oversubscribed, its retail portion was subscribed only 0.12 times (12%) with investors bidding for only 2.74 million shares as against the quota of 22.9 million shares. The non-institutional investor category was over-subscribed 3.32 times while that of qualified institutional buyers (QIB) was also oversubscribed 126%.
Post Hindenburg Report , Value of LIC investment in Adani Group shares have fallen from ₹77,000 CR to ₹53,000 CR- loss of ₹23,500 CR. Also, LIC shares have lost ₹22,442 CR. SBI share’s “market cap” has declined by a whopping ₹ 54,618 CR. The Loan Exposure of SBI and other Banks to Adani Group is ₹ 81,200 CR. SBI alone has $2.6 billion or Rs 21,000 crore of loans to Adani Group.
On Feb. 2, 2023, India’s parliament was adjourned for the day after pandemonium broke out when the upper house chair rejected opposition lawmakers’ demand for a debate on Billionaire Gautam Adani’s dispute with a US short seller Hindenburg Research. They were demanding an investigation into accusations of “brazen stock manipulation and accounting fraud” made against Adani Group by the Hindenburg Research. Later Mallikarjun Kharge, president of the Indian National Congress party and leader of the opposition, told reporters, “We want either a joint parliamentary committee … or a committee headed by the chief justice of the Supreme Court to investigate this matter and release the day-to-day report.”
It is a well-known fact that current Indian PM Narendra Modi and Gautam Adani are close friends for over 2 decades and both have helped each other in their respective professions. Adani from Diamond sorter became the 3rd richest person in the world. That position he held till the Hindenburg Research made disclosures of serious frauds by Adani Group. Despite having no apparent experience or expertise; he is in every field of India; right from ports, airports, military hardware, railways, mining, cement, power, real estate, fresh & processed food etc. mostly due to government favors.
Modi from menial RSS worker became its Pracharak aka “Messenger of RSS’s misguided Hindutva and Hindu Rashtra Philosophy” to became the face along with L K Advani in the Rath Yatra for Ram Mandir, later to become the CM of Gujarat in 2001. So many independent Indian and foreign bodies hold CM Modi responsible for ethnic cleansing of Muslims in Gujarat riots in 2002. There was “widespread rape of Muslim women” and killing of Muslims. “Muslim businesses, including businesses partially owned by Muslims and their properties were systematically targeted and destroyed. “This was followed by calls for an economic boycott of Muslim owned businesses, denial of jobs, rentals & forcible sale of their properties in Hindu localities.” As per official figures 1,044 dead, 223 missing, and 2,500 injured. Of the dead, 790 were Muslim and 254 Hindu. The Concerned Citizens Tribunal Report estimated that as many as 1,926 Muslims may have been killed. Over 140,000 people were displaced in the violence, of which 100,000 were Muslims. “Conditions in refugee camps were extremely poor for Muslims” and initially compensation offered by the Modi’s Gujarat government was “discriminatory”: Rs 200,000 for Hindu victims, and Rs 100,000 for Muslims. This was later modified “at the request of the Central government in Delhi”. Still Modi remain Chief Minister of Gujarat till 2014 to become the Prime Minister of India by invoking fake nationalism. misguided Hindutva and his support to make India a Hindu Rashtra.
If PM Modi’s government has an iota of shame, care for international reputation of India, and even 0.1% faith in Democratic norms and love for India as per the Hinduism they swear by; Adani Group’s founders, family members, top executives and enforcement agencies’ top officials must be investigated. If they are found guilty, they must be given exemplary punishment to deter future financial crimes like this by anyone, including persons belonging to richest club or bureaucrats or politicians of India. In the meantime Adani Group’s Chief Financial Officer Jugeshinder Singh must be arrested immediately for insulting Indian National Flag, Indians and Mother India. Singh should be arrested on non-bailable warrants and must do minimum 6 months rigorous imprisonment with regular criminals with no privileges for being a rich or highly educated man or a foreign national. Being a highly educated and ex-Indian citizen, he was fully aware of the rules and protocols about using the Indian National Flag by a common citizen. He cannot hide behind the fact by saying that he is an Australian citizen and gave up his Indian citizenship to give lectures on Indian Nationalism!
Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History
Published on January 24, 2023
Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History
ADANI RESPONSE TO HINDENBURG RESEARCH:
(413 PAGES)
JAN. 29, 2023
Click to access Adani-Response-to-Hindenburg-January-29-2023.pdf
HINDENBURG’s REPLY TO ADANI’s RESPONSE:
JAN. 29, 2023
Fraud Cannot Be Obfuscated by Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised
(The special report has been compiled by Dave Makkar for The Indian Panorama. Mr. Makkar is a social activist based in New Jersey)
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